How's the Market?
"This recent low point in home sales activity is likely over.”
— Lawrence Yun, Chief Economist, National Association of Realtors
Sales have cooled off from 2021, but they certainly aren't frozen! The coming weeks are expected to bring higher demand, a quicker turnaround of days on market, increased inventory and a bottoming out of the lower prices we have seen over the past few months.
So far this month we have seen 6 Closed Sales in Montecito - approximately two sales per week. The price point is a bit lower this month with three of the six sales closing below the $3M mark. (Although stay tuned, we are hearing of several high end sales that are in the works and showing activity is strong in this segment.) Montecito sales are about 50% lower compared to this point in January 2022, which had 11 Closed Sales, only two of those sales were below $3M. However, if you look at the Median List Price of homes in Montecito, it is still higher than January 2020 (see chart below). Overall, the market seems stable and dare I say...normal!?
MEDIAN LIST PRICE
What happened in Montecito Last Week?
January 22nd - January 28th
2035 CREEKSIDE ROAD
Privately positioned behind the gates of Montecito Valley Ranch, this 5 bedroom/ 7 bathroom Mediterranean home features spacious rooms, luxurious features and is complimented by vast mountain views and manicured landscaping. Offered at $10,900,000
8 CEDAR LANE
This picturesque, 3 Bedroom, 2 Bath cottage is located in the desirable Eucalyptus Hill neighborhood. Every room in the house either opens or looks out to the gardens, inspiring the best of Santa Barbara living. Offered at $2,875,000
43 SEAVIEW DRIVE
Settle into Montecito beach living in this spacious 3 bedroom/2 bathroom single-level Montecito Shores residence, just steps from the beach. Offered at $3,195,000
Below are quick links to luxury listings (+$2M), around town:
Below is our weekly Montecito Market Summary.